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Commodities Score 42 Neutral

Copper Prices Rebound as Chinese Buyers Restock Ahead of Labor Day

Apr 29, 2026 04:14 UTC
HG=F
Short term

Copper prices ended a four-day losing streak as Chinese fabricators increased inventories before the upcoming holiday. However, geopolitical tensions and global growth worries continue to cap gains.

  • Price recovery after 3% four-day drop
  • Seasonal restocking ahead of China's Labor Day
  • Strategic buying following recent price declines
  • Ongoing headwinds from Iran conflict
  • Global growth concerns limiting upside

Copper prices saw a modest recovery on Wednesday, breaking a four-session downward trend. The rebound was primarily driven by Chinese industrial buyers replenishing their stockpiles in anticipation of the Labor Day holiday starting Friday. The price action follows a period of volatility where the metal shed nearly 3% of its value over the previous four trading sessions. Market participants are currently balancing short-term seasonal demand against broader macroeconomic headwinds. According to analysts at Shouhe Asset Management Co., the current restocking phase by Chinese fabricators provided the necessary support to lift prices. Some traders are also viewing the recent price dip as a strategic entry point for new positions. Despite the short-term bounce, the long-term outlook remains clouded. Persistent concerns regarding global economic growth and the lack of a resolution to the conflict in Iran continue to weigh on investor sentiment, suggesting that the current rally may be limited in scope.

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